Up to 700,000 people who had left it too late to complain about their mortgage endowment may now be able to seek compensation.

People who were sold the policies without having the risks explained to them may be able to get financial redress, but only if they act within three years of being sent a warning letter by their insurance company.

The companies have to write to all their customers with mortgage endowments at least once every two years giving an assessment of whether the money invested will be enough to repay the mortgage at the end of its term.

We have the power to make them, but what we hope is they will implement a voluntary agreement

Anna Bradley, FSA

In most cases it will not. And more than five million people face a collective shortfall of around £30 billion.

But only around half a million have complained. And some are now too late. They were first warned more than three years ago and have still done nothing.

Concessions

Anna Bradley, a director of the Financial Services Authority (FSA) told BBC Radio 4's Money Box that they wanted concessions from the industry for these people.

"There are going to be a maximum of around 700,000 who might already have been timed-out.